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Current oil prices reasonable, says Algeria

Daegu (South Korea), October 15, 2013

Algeria's energy minister said on Tuesday current oil prices were "reasonable" and it was too soon to predict whether Opec might change its output target at its meeting in December.

Organization of the Petroleum Exporting Countries (Opec), which pumps more than a third of the world's oil, meets on December 4 in Vienna to decide whether to adjust its output target.

"We will see when we meet early December. We will study the market and we will decide," Youcef Yousfi said on the sidelines of the World Energy Congress, when asked about next year's production by the Organization of the Petroleum Exporting Countries.

Africa's biggest gas producer is currently producing around 3 trillion cubic feet of gas and 1.2 million barrels per day of oil, the minister said.

Algeria would launch bidding for onshore blocks in a few months, he added, declining to say how many blocks would be offered.-Reuters